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New market analysis by TradingPlatforms, predicts that the US smartwatch market will hit the $10 billion earnings mark by the end of 2021 and will keep growing considerably over the next 5 years. By 2025, the sector could grow beyond $14 billion, the analysts forecast.

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The overall smartwatch penetration is quite low, however, particularly in the United States when compared to other countries. The 2021 penetration rate is estimated to be 11.3% at the end of 2021 and one of the primary factors for that is the fairly high typical price per user – $276. This might go up to $325 in the next 5 years.

The report likewise anticipates a steady growth in smartwatch owners in the United States in the years to follow. Between 2020 and 2021, smartwatch owners are estimated to be around 32-37 million and should go up to nearly 40 million next year reaching a peak in 2025 of almost 43 million.

There are some other intriguing statistics in that report. China leads the smartwatch market with a $12 billion, followed by the United States with $10 billion overshadowing Japan, France and South Korea all of which see smartwatch sales listed below $1 billion.